Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

1

The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of
1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

5.4% (based on 256,933,800 ordinary shares, par value $0.0001 of Linktone Ltd. outstanding as of March 31, 2005, as disclosed by Linktone Ltd. in its
Current Report on Form 6-K filed with the Securities and Exchange Commission on May 31, 2005)

5.4% (based on 256,933,800 ordinary shares, par value $0.0001 of Linktone Ltd. outstanding as of March 31, 2005, as disclosed by Linktone Ltd. in its
Current Report on Form 6-K filed with the Securities and Exchange Commission on May 31, 2005)

5.4% (based on 256,933,800 ordinary shares, par value $0.0001 of Linktone Ltd. outstanding as of March 31, 2005, as disclosed by Linktone Ltd. in its
Current Report on Form 6-K filed with the Securities and Exchange Commission on May 31, 2005)

12.

Type of Reporting Person 

IN

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CUSIP No. 535925101

Item 1.

(a)

Name of Issuer-

Linktone Ltd., a company organized under the laws of the Cayman Islands

If this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) or (c), check whether the person filing is a: Not applicable

(a)

¨

Broker or dealer registered under section 15 of the Act.

(b)

¨

Bank as defined in section 3(a)(6) of the Act.

(c)

¨

Insurance company as defined in section 3(a)(19) of the Act.

(d)

¨

Investment company registered under section 8 of the Investment Company Act of 1940.

(e)

¨

An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

(f)

¨

An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

(g)

¨

A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

(h)

¨

A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;

(i)

¨

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;

(j)

¨

Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

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CUSIP No. 535925101

Item 4.

Ownership

(a)

Jayhawk Capital Management, L.L.C. is the beneficial owner of 1,399,313 Shares of Linktone Ltd., which are held by Jayhawk China Fund (Cayman), Ltd. Jayhawk Capital Management,
L.L.C. is the manager and investment advisor for Jayhawk China Fund (Cayman), Ltd. Kent C. McCarthy is the manager of Jayhawk Capital Management, L.L.C. The reporting persons have, within the ordinary course of business, purchased securities of
Linktone Ltd. The reporting persons have not acquired securities in Linktone Ltd. with the purpose, nor with the effect of changing or influencing the control of the issuer, nor in connection with or as a participant in any transaction having such
purpose or effect. The reporting persons have purchased, and intend to continue to purchase, shares on the open market at prevailing rates.

(b)

Percent of class: 5.4% (based on 256,933,800 ordinary shares, par value $0.0001 of Linktone Ltd. outstanding as of March 31, 2005, as disclosed by Linktone Ltd. in its Current
Report on Form 6-K filed with the Securities and Exchange Commission on May 31, 2005)

(c)

Number of shares as to which the person has:

(i)

Sole power to vote or to direct the vote  1,399,313

(ii)

Shared power to vote or to direct the vote - None

(iii)

Sole power to dispose or to direct the disposition of  1,399,313

(iv)

Shared power to dispose or to direct the disposition of  None

Item 5.

Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of
securities, check the following ¨.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.

Not Applicable.

Item 8.

Identification and Classification of Members of the Group

Not Applicable.

Item 9.

Notice of Dissolution of Group

Not Applicable.

Item 10.

Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect
of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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CUSIP No. 535925101

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

August 1, 2005

Date

JAYHAWK CAPITAL MANAGEMENT, L.L.C.

By:

/s/ Kent Charles McCarthy

Kent Charles McCarthy

Managing Member of Jayhawk Capital Management, L.L.C.

JAYHAWK CHINA FUND (CAYMAN), LTD.

By:

/s/ Kent Charles McCarthy

Kent Charles McCarthy

Managing Member of Jayhawk Capital Management, L.L.C.,

Manager of Jayhawk China Fund (Cayman), Ltd.

/s/ Kent Charles McCarthy

Kent Charles McCarthy

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CUSIP No. 535925101

Exhibit 1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities and Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of
them of a statement on Schedule 13G (including amendments thereto) with respect to the American Depositary Shares, each representing 10 ordinary shares, par value $0.0001 per share, of Linktone Ltd.; and further agree that this Joint Filing
Agreement be included as Exhibit 1. In evidence thereof, the undersigned hereby execute this Agreement this 1st day
of August, 2005.